UK fintech Revolut Business has announced the launch of its cross-border payment service ‘RevTag’ in hopes to challenge Swift in the space.
RevTag enables users to make transactions by entering a code in the Revolut Business app which does not require the use of IBANs or any other additional details, providing the ability to make payments to customers or people in over 150 countries.
The new Revolut feature has already been embedded in the Business app and is available to users across the globe. The fintech company confirmed that cross-border payments using RevTag are available in 29 different currencies to be able to send across 30 million retailers.
James Gibson, General Manager of Revolut Business, said: “We are excited to introduce our new zero-free payments network with the launch of RevTags for business customers.
“Extending the availability of this feature to Revolut Business customers, paired with the launch of payout links, marks a significant milestone in our mission to make cross-border payments fee-free, instant, and seamless for businesses operating globally.”
According to a survey conducted by Revolut Business and 72Point, only one in ten businesses are able to make instant cross-border payments, with 58% of respondents revealing that it can take up to 12 hours for payments to process.
Furthermore, 71% of those surveyed reported that attached fees on cross-border payments are as high as 3%.
With the addition of RevTags, UK Revolut Business customers will also have the option to access a payout link which enables them to make payments to customers and suppliers via the single use of a URL.
The unique payout link allows the customer to track and manage the payment from their account, whilst the recipient is handed options on how they would like to be paid.
